Zone 2

Money Drain: I paid $36 for my $3 Fast Food Meal

I had an identity theft issue which forced me to cancel my debit card and have a new one reissued. Instead of pulling cash out of my account to hold me over till the new card arrived I thought I would use my credit card for that week as an emergency.

I had stopped at a fast food restaurant and ordered a $3 meal, not realizing that would put me over my credit limit, which then charged me $34 for the over-limit fee plus my $3 meal meaning I just spent $37 on a fast food meal 🙁

My lesson learned is that you should never use a credit card in case of emergencies if you have the cash to back it up!

– Submitted by: Ryan

Lesson Learned:
You are correct, you should not use your credit card in case of emergencies in general, not just if you have the cash to back it up. There’s no reason to use a credit card if you have an established emergency fund and live within your means.

Credit cards should never be used for emergencies. The problem with this, as I’ve discussed on Money Drain before, is that anything can be constituted as an emergency. For exmaple, you spend your last $40 on a pizza delivery, not realizing you are out of diapers for your kid. Well now you have to buy diapers because it is an “emergency”, when in reality it was the pizza that caused the problem.

Amount Flushed Down the Money Drain: $36

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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